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Dodd-Frank Act

Investors’ Comment Letters Make Case for Strong Pay-for-Performance Rule

Investors’ Comment Letters Make Case for Strong Pay-for-Performance Rule

The SEC plans to propose by the end of 2014 a rule that will require public companies to provide more details about the relationship between executive compensation and a company’s financial performance. Some investor groups want the market regulator to write a regulation that’s strict enough to stop companies from understating executive pay. The trade […]

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Doty Calls Inspection Reports a Key Part of Investor Protection Regime

Doty Calls Inspection Reports a Key Part of Investor Protection Regime

PCAOB inspectors continue to find serious problems when they review the work public accounting firms do for their clients. The inspection reports that provide details about the problems aren’t always well received, but the audit regulatory board’s leadership believes that the revelations about flawed audit work are needed to shield investors from the harm done […]

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Rewrite of Payment Disclosure Rule Slated for 2015

Rewrite of Payment Disclosure Rule Slated for 2015

The SEC is planning to issue a revised proposal for a Dodd-Frank Act rule that requires oil, gas, and mining companies to disclose payments to governments for producing the natural resources. A federal court in July 2013 vacated the rule, saying the agency incorrectly misinterpreted the Dodd-Frank requirements. The SEC is planning to propose a […]

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Private Company Proposals on Goodwill, Derivatives Get Approved

Private Company Proposals on Goodwill, Derivatives Get Approved

The FASB’s Private Company Council October 1, 2013, approved two proposals to ease accounting for some common private company transactions. Proposed Accounting Standards Update (ASU) No. PCC-13-03,Derivatives and Hedging (Topic 815), Accounting for Certain Receive-Variable, Pay-Fixed Interest Rate Swaps a proposal of the Private Company Council, offers a break for private companies that have to […]

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Attestation Standards Seen as Aiding Broker-Dealer Compliance

Attestation Standards Seen as Aiding Broker-Dealer Compliance

The PCAOB’s attestation standards for reviews of broker-dealer compliance reports are expected to improve investor protections. Some auditing professionals view the standards as a restraint on abuses in the marketplace. The attestation standards for reviews of broker-dealer reports the PCAOB released October 10, 2013, should provide auditors and brokers some much-needed clarity. Attestation Standard No. […]

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Five Foreign Affiliates of Big Four Firms Cited for Flawed Audits

Five Foreign Affiliates of Big Four Firms Cited for Flawed Audits

The PCAOB released inspection reports for 23 accounting firms on October 3, 2013, and found problems at 13 of them. The reports included reviews of work done by Deloitte Touche Tohmatsu in Australia, Ernst & Young Inc. in South Africa, KPMG’s operations in India and the Netherlands, and PricewaterhouseCoopers in Germany and Papua New Guinea. […]

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Financial Groups Want More Time to Comment on Risk Retention Rule

Financial Groups Want More Time to Comment on Risk Retention Rule

A Dodd-Frank rule to address a financial market risk associated with the 2008 crisis is still far from completion, and if the industry gets its way, the reform will fall further behind schedule. Sec. 941 of PL111-203. If the rule is implemented, issuers of asset-backed securities will have to hold 5% of the repackaged loans, […]

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Report Shows Continued Uncertainty on Conflict Minerals Rule

Report Shows Continued Uncertainty on Conflict Minerals Rule

Less than one year until the implementation of a new rule requiring businesses to disclosure of the use of conflict minerals, most companies still do not know how their reporting and audit reports will be affected. A recent survey of nearly 900 companies performed by PricewaterhouseCoopers found that nearly half of the respondents are unsure […]

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Attestation and Audit Standards Are Adopted for Broker-Dealer Reporting

Attestation and Audit Standards Are Adopted for Broker-Dealer Reporting

The PCAOB recently adopted three standards covering reviews of broker-dealer reports. The standards include Attestation Standard No. 1, Examination Engagements Regarding Compliance Reports of Brokers and Dealers, which sets rules for auditors examining broker-dealer compliance reports. Attestation Standard No. 2 Review Engagements Regarding Exemption Reports of Brokers and Dealers, establishes requirements for an auditor’s review […]

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Auditor’s Procedural Report Gets Dropped from Risk Retention Proposal

Auditor’s Procedural Report Gets Dropped from Risk Retention Proposal

In the revised credit risk retention proposal, financial regulators bowed to complaints from offering sponsors and accountants and eliminated the independent auditor reports that would look at a sample of the assets being bundled and sold to investors.  Dodd-Frank mandated regulators to write the risk retention rules to minimize the risk of another financial crisis […]

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Meet Paul Raymond

Meet Paul Raymond

Mr. Raymond is a sought after speaker in tax controversy law by many attorney, accountant, and business groups and at the request of the Internal Revenue Service, has presented programs at the IRS Nationwide Tax Forum, attended by tax professionals throughout the United States.

Additionally, he continues to be an active member in the Section of Taxation, American Bar Association, where he was the Past Chair of the Employment Taxes Committee.

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Member CA Bar Member Orange County Bar US Tax Court Attorney